LandInvestors.com Forums **Ask A Question** Is this clear title?

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  • #20276

    Ron Mayfield
    Participant
    Post count: 64

    The facts as given to me by an attorney representing the Granddaughter….

    Grandparents take property with a Warranty Deed in 1953. Grandmother passes without a will in 1968. In 1972, Grandfather gives the property to his son(1) and daughter(1) as JTROS via Quick Claim Deed (QCD). Son(1) passes and Daughter(1) gives the property to her son(2) and daughter(2) as JTROS via QCD. Son(2) passes and now daughter (2) accepts my offer for $4k. Death certificate copies have been provided for son(1) and son(2). Property probably sells for $10K.

    With a clean title history I normally would not get title insurance for the purchase but the first QCD transfer has me wondering if Grandpa can QCD 100%. Feels like after 46 years if there was a problem it would have surfaced. Thoughts?

Viewing 6 replies - 1 through 6 (of 6 total)
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  • Rod Hall
    Participant
    Post count: 292
    Pro

    I would think it’s clean if Grandpa/Grandma deed is JTWROS

    Ron Mayfield
    Participant
    Post count: 64
    Pro

    Rod…I see I left off an important point. Grandparent’s Deed did not specify how they took the land so I believe that defaults to Tenants in Common

    Milan
    Participant
    Post count: 520

    Jason, if grandpa and grandma were married, than even after grandpa went through probate after grandma died, he would get the property. That means no one should claim part ownership in that property. Which I think is the most important.

    Title company might find it or they might not care. Who know? If you’re self closing, don’t count on tittle insuring the property on sell side even if everything is perfect with the title. They’ll jerk you around for other stupid forms that you might not be able to get.

    Buy with thinking off how you’ll be selling in mind. self close on sell side when you self close on buy side. Use title if you think you’ll be selling through title.

    I would lover the price, tell them there is a cloud in title, than sell on terms. Or move on. But I would still do that deal for 2.5K

    Milan
    Participant
    Post count: 520

    One more thing I wanted to ad here to keep in mind. I’m sure majority of you know this: Title companies don’t like insuring deals that were self closed by investors. They probably will, but don’t count on it. I got turned down several times and they killed the deal. Buyer got scared after waiting 3 weeks for title report. Than they were not interested in closing without title. All for a stupid confirmation of ownership form when I could not track the seller that sold the property to the person I bought it from.

    Ron Mayfield
    Participant
    Post count: 64
    Pro

    Good points Milan

    Regarding Grandpa and probate…there is no indication that Grandpa went thru probate.

    Milan
    Participant
    Post count: 520

    Yes Ron, I understand. That’s what grandpa was supposed to do. But he didn’t. That was his only option at that time, but he did it wrong. But if I understand it correctly, Property has a cloud in title, but no one will be knocking on new owners door that he is a potential owner. I think that’s somehow valuable too for right price.

Viewing 6 replies - 1 through 6 (of 6 total)

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